The foreign exchange market is the largest financial market in the world that offers forex traders of all experience levels a low barrier to entry. This includes a wide range of helpful bonuses to get them started.
Typically, in forex and CFD trading, forex brokers may require an initial deposit from traders to register a live trading account. This initial capital goes towards executing a trade in the forex market. However, forex brokers offer an alternative in the form of a no-deposit bonus which gives traders free capital, or trading credit, that they can use to kickstart their trading. Forex no-deposit bonuses are common in South Africa, and the following forex brokers are some of the best that offer this initial bonus.
XM
Overview
XM is one of the most popular forex brokers in the world with over 2.5 million traders that have registered a live trading account. XM is well-known for its flexible trading solutions and competitive trading conditions offered.
XM offers its unique services to both beginner traders and professional investors, allowing for a wide range of trading strategies and trading styles to be used. Traders can choose from different account types, and they are offered a no-deposit bonus of $30 when they register a trading account, exempting them from an initial deposit requirement.
| Pros | Cons |
| Well-regulated by reputable market regulators | Fixed spreads are not offered |
| Negative balance protection is applied across all retail accounts and no-deposit bonuses are offered | Users may be subject to strict withdrawal conditions |
| Offers tight spreads, commission-free trading, and a solid execution policy | |
| Offers a wide range of trading assets | |
| Supports the use of any trading strategy and trading style including robot trading, scalping, and day trading | |
| Welcomes traders despite their trading experience or skill | |
| Retail traders can choose between flexible real trading accounts and demo accounts |
FBS
Overview
FBS is a well-established STP and ECN forex and CFD trading broker that provides traders with more than 75 financial instruments that can be traded. FBS is known for its plethora of trading opportunities, powerful trading platforms, and a wide range of promotions and bonuses, including a no-deposit bonus.
FBS provides its traders with different trading tools, powerful market analysis, fundamental analysis, and more.
| Pros | Cons |
| Well-regulated by several regulatory entities | Limited trading instruments offered |
| Offers advanced trading tools for experienced traders | Spreads are high on entry-level accounts |
| Competitive commissions charged on retail investor accounts including a competitive average spread | |
| Offers an ultra-low minimum deposit and excellent customer service | |
| Traders can choose between different retail investor accounts |
InstaForex
Overview
InstaForex is a multi-asset forex broker that has been in operation since 2007. InstaForex offers some of the most flexible trading solutions in addition to an impressive no-deposit trading bonus of $1,000.
Traders can choose between 300 tradable financial instruments that are spread across several asset classes, providing traders with a plethora of trading opportunities to explore while using their no- deposit bonus.
| Pros | Cons |
| Well-regulated and reputable brokerage company | There may be some restrictions on leverage |
| Traders can choose from 300 financial instruments | US clients are not allowed |
| Traders have a choice between different retail accounts | |
| Competitive conditions offered | |
| Traders can choose between MetaTrader 4 and 5 |
Tickmill
Overview
Tickmill is a popular forex broker in South Africa that offers traders some of the best trading conditions. Traders who use Tickmill are given a safe, fair, and secure trading environment with transparent fee schedules and the benefit of a no-deposit bonus.
This boost provides beginner traders with the perfect risk-free opportunity to explore the financial markets before they risk real money. Tickmill also offers powerful trading platforms through which traders can trade over 80 trading instruments.
| Pros | Cons |
| Offers commission-free trading on some accounts | Crypto trading is not supported yet |
| Advanced trading tools are provided | There are no fixed spreads offered |
| Competitive trading conditions with tight spreads and fast trade execution | |
| There is a wide range of tradable assets available | |
| Traders can benefit from using a powerful forex trading platform and mobile trading app through MetaTrader |
SuperForex
Overview
SuperForex is a regulated ECN and STP brokerage company that facilitates trade in a wide range of financial instruments. SuperForex allows South Africans to register a live trading account, providing first-time forex traders with the benefit of a no-deposit bonus, amongst other forex bonuses that can be used to explore the financial markets.
| Pros | Cons |
| Regulated by the IFSC | Offshore regulation |
| Offers a no-deposit bonus to new clients | There is only one platform provided |
| Supports the use of MetaTrader 4, which is an advanced trading platform | The spreads offered are not the tightest |
| There is a choice in retail trading accounts that cater for traders of all trading skills | |
| Offers access to managed accounts |
